Posted on 06/10/2022 6:52:21 AM PDT by vespa300
King Gavin is bragging about a $100 billion surplus. Yet he is silent about the $1.5 TRILLION unfunded liability of CalPERS—and no telling how big the STRS—teachers pension fund—liability is.
(Excerpt) Read more at capoliticalreview.com ...
Montana has $1,000,000,000 in it’s Coal Tax Trust Fund - can’t be touched without a 75% majority of the State House and Senate approval and then signed by the Governor.
Oh ya, Montana’s Governor beat up a member of the press.
Screw California!
A Democrat I know is all abuzz about what a great governor Newsom is. How he has generated such a budget surplus.
This same person cannot understand why we have inflation. Tried explaining we had an inflation of the money supply, so there is more money chasing fewer goods.
She said I made no sense because now we have more money so we should be richer. Oh and this person has a Master’s degree believe it or not.
And she also watches CNN when she wants to hear the “news”.
This same person cannot understand why we have inflation. Tried explaining we had an inflation of the money supply, so there is more money chasing fewer goods.
She said I made no sense because now we have more money so we should be richer. Oh and this person has a Master’s degree believe it or not.
—
Except for the “she” reference, I could have sworn you were talking to Paul Krugman.
When I was a kid, my mother and I were driving through a neighborhood of large new homes.
I said that the people living there were rich.
She said No, they’re in debt.
Wouldn’t it be fitting that CalPers goes broke and these lazy ass leftist government employees have to live out their old age in poverty?
Every blue state has the same problem.
There was scuttlebutt that the so-called ‘stimulus’ was a payoff to cover the liabilities.
I have yet to see any confirmation, but that doesn’t change the fact that they obviously expect ‘too big to fail’ to apply to them, too, when the time comes.
We'll have to invent a word for California schadenfreude.
CalPERS is funded by contributions from the employee and the employer, just like Social Security. My personal contribution to CalPERS over 22 years is a little under $200K. Yeah, it’d be a riot if my involuntary contributions to my pension were lost and I was impoverished.
This shortfall is longer term, so will not be dealt with in the next four years, assuming Newsom is re-elected for another four years.
California is just a smaller model of the US. Same problems overall in spending, debt, illegals, and liberals.
Sucks to be you
My mother is the opposite. I am the one that always told her that spending and borrowing money, doesn’t mean having money. She is a sucker for “Their house is so nice, they must be doing very well!”
$1.5 TRILLION unfunded liability is the price of buying votes in California many other unions are on the gravy train too.
Maybe the compromise is you will only get back what you put in. The promised matches, not so much.
Right now, there are Democrat politicians strategizing about how they can have everybody else pay CALPERS retirements.
Well thanks. The government takes $200k from me without asking for my consent, and that’s your response to the notion it should be taken from me? You are a first class a-hole.
Congress will grant them a US taxpayer bailout.
Just watch. We'll ALL wind up paying for this...just like we will for all the other unions too.
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